·TPG-Axon dropped Time Warner and decreased
Facebook, Allergan, Centene, and Alphabet during the quarter.

·The largest three individual stock positions are
Allergan, Centene, and The Stars Group and they add up to ~41% of the
portfolio.

Dinakar Singh’s 13F portfolio value decreased ~27% from $106M
to $78M this quarter. The portfolio is very concentrated with recent 13F
reports showing just a handful of positions. The top five positions are
Allergan plc, Centene, The Stars Group, Playa Hotels, and McKesson. They add up
to ~64% of the 13F portfolio.

Below is a summary:

Allergan plc (AGN):
AGN is currently the largest individual stock position at ~14% of the entire
13F assets. The stake was established in Q3 2015 at prices between $279 and
$331. Q2 2016 saw a ~38% increase at prices between $202 and $278 and that was
followed with another ~20% increase the following quarter at prices between
$231 and $260. Q4 2016 saw an about turn: ~85% reduction at prices between $189
and $243. The stock currently trades at $183. There was a ~17% trimming in Q2
2017 while the following quarter saw a one-third increase at prices between $202
and $256. There was a ~40% selling in Q4 2017 at prices between $164 and $211
while last quarter saw a ~21% increase. This quarter saw a ~37% reduction at
prices between $151 and $191.

Below is a spreadsheet that shows the changes to Dinakar
Singh's TPG-Axon US long portfolio holdings as of Q2 2018. For a look at how the
portfolio has progressed, see our previous update: